Ardmore Shipping Corporation (NYSE:ASC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.

According to Zacks, “Ardmore Shipping Corporation engages in the ownership and operation of product and chemical tankers. It provides shipping services to customers through voyage charters, commercial pools, and time charters. The Company provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies. Ardmore Shipping Corporation is based in Mahon, Ireland. “

Other analysts have also recently issued research reports about the company. Stifel Nicolaus set a $10.00 price objective on Ardmore Shipping Corporation and gave the company a “buy” rating in a research report on Sunday, October 29th. Jefferies Group LLC reissued a “buy” rating and set a $10.00 price objective on shares of Ardmore Shipping Corporation in a research report on Monday, October 16th. Morgan Stanley lifted their price objective on Ardmore Shipping Corporation from $8.50 to $9.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. ValuEngine raised Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. Finally, BidaskClub raised Ardmore Shipping Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. Ardmore Shipping Corporation has a consensus rating of “Hold” and a consensus price target of $10.00.

Shares of Ardmore Shipping Corporation (ASC) traded down $0.05 during trading on Thursday, hitting $8.60. The stock had a trading volume of 54,285 shares, compared to its average volume of 188,441. The company has a quick ratio of 1.41, a current ratio of 1.57 and a debt-to-equity ratio of 1.03. Ardmore Shipping Corporation has a 1-year low of $5.55 and a 1-year high of $9.05.

Ardmore Shipping Corporation (NYSE:ASC) last issued its earnings results on Wednesday, November 1st. The shipping company reported ($0.14) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.14). The business had revenue of $48.70 million during the quarter, compared to analysts’ expectations of $29.99 million. Ardmore Shipping Corporation had a negative return on equity of 3.08% and a negative net margin of 6.45%. Ardmore Shipping Corporation’s revenue was up 28.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.05) earnings per share. analysts predict that Ardmore Shipping Corporation will post -0.34 earnings per share for the current fiscal year.

Ardmore Shipping Corporation declared that its board has approved a share repurchase program on Thursday, August 31st that allows the company to repurchase $25.00 million in outstanding shares. This repurchase authorization allows the shipping company to purchase up to 9.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

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Several institutional investors have recently bought and sold shares of ASC. Bank of New York Mellon Corp increased its stake in shares of Ardmore Shipping Corporation by 3.4% in the first quarter. Bank of New York Mellon Corp now owns 118,933 shares of the shipping company’s stock worth $957,000 after purchasing an additional 3,900 shares during the period. Parametric Portfolio Associates LLC increased its stake in shares of Ardmore Shipping Corporation by 0.3% in the first quarter. Parametric Portfolio Associates LLC now owns 170,457 shares of the shipping company’s stock worth $1,372,000 after purchasing an additional 481 shares during the period. American International Group Inc. increased its stake in shares of Ardmore Shipping Corporation by 33.3% in the first quarter. American International Group Inc. now owns 16,725 shares of the shipping company’s stock worth $135,000 after purchasing an additional 4,177 shares during the period. OppenheimerFunds Inc. increased its stake in Ardmore Shipping Corporation by 11.5% during the first quarter. OppenheimerFunds Inc. now owns 59,704 shares of the shipping company’s stock valued at $481,000 after acquiring an additional 6,165 shares during the period. Finally, Geode Capital Management LLC increased its stake in Ardmore Shipping Corporation by 1.2% during the first quarter. Geode Capital Management LLC now owns 222,153 shares of the shipping company’s stock valued at $1,788,000 after acquiring an additional 2,530 shares during the period. Institutional investors and hedge funds own 78.95% of the company’s stock.

About Ardmore Shipping Corporation

Ardmore Shipping Corporation provides seaborne transportation of petroleum products and chemicals to national oil companies, oil and chemical traders, and chemical companies, with its fleet of mid-size product and chemical tankers. The Company’s segment relates to the operations of its vessels. The Company’s fleet consists of over 20 double-hulled product and chemical tankers, all of which are in operation.

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